Two Bay Area cities named worst for aspiring homeowners: study

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(KRON) — A latest study compiled by house enchancment model This Old House ranked 148 American cities on how pleasant they’re for aspiring homebuyers. Two Bay Area cities introduced up the checklist’s rear.

San Jose was ranked next-to-last on the checklist, which used a number of components to find out its rankings, and San Francisco was final. Two different Bay Area cities appeared on the checklist. Vallejo got here in at No. 131 and Santa Rosa at No. 105.

This Old House used the next components to find out its rankings:

  • Percentage of owner-occupied housing models with householder aged 25–44
  • Percentage change in median sale value from May to October 2023
  • Percentage change in median value per sq. foot from May to October 2023
  • Median down cost
  • Median annual house insurance coverage premium
  • Percentage change in days on market for properties from May to October 2023
  • Median annual actual property taxes paid
  • Sharecare’s Community Well-Being Index
  • Violent crime charge per 1,000 residents

San Francisco and San Jose solely trailed Cambridge, Mass. within the Median Down Payment class. That determine for each Bay Area cities was greater than $100,000. Comparatively, the median down cost for a house in Detroit is $6,596.

San Francisco and San Jose had the worst scores of the 148 cities for Median Property Tax and Sharecare’s Well-Being Index.

On the opposite facet of the rankings, Provo, Utah, Clarksville, Tenn., and Jackson, Miss have been named the very best cities for potential homebuyers.

“Provo also boasts a median down payment of $35,317. This is 69% less expensive than a $112,400 down payment in San Francisco, California—the least friendly city on our list for aspiring buyers. A down payment in San Francisco will cost homebuyers over $112,000,” This Old House wrote.

Visalia was the highest-ranked California metropolis at No. 16. Fresno ranked No. 45, Sacramento No. 57 and Los Angeles No. 137.

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